Woodinville WA, Property Management Services
Woodinville has the benefit of having a small town feel while still being close to Seattle and other employment centers. Potential rental investors have to choose the type property to purchase and how much they want to invest.
Whether you own property, or are looking to invest in something new, renting out a house, townhome or apartment in Woodinville can be an extremely profitable business and a good way to diversify your investment portfolio. With plenty of local jobs from the nearby cities of Redmond, Kirkland and Seattle, multiple schools, and attractions in the form of wineries, and of course the Sammamish River waterfront, the city is an attractive place to live.
For those looking for help managing their new real estate investment, SJA Property Management offers professional Woodinville property management services. The following information is designed to help you with your investment, but if you want to know more, feel free to call us at 425.658.1941. to talk to one of our property management professionals.
Where to Invest in Woodinville
Woodinville includes plenty of neighborhoods where you can choose to invest, however, each area has its own pros and cons. Buyers should evaluate each property for maintenance needed, potential rental income, and how easy the property will be to keep occupied. This will all be weighed against the cost to acquire and hold the property.
Woodinville Heights offers more in the way of multi-family homes and apartment complexes, as well as single-family homes, and has the advantage of being near the city center, making it easier to rent out units. Cottage Lake and Hollywood Hill are also desirable locations given their proximity to Wine Country and 522. West and East Wellington are excellent investment areas for anyone in search of single-family homes and condominiums.
What Makes a Good Investment
Property prices vary, although most buyers should determine how much they can afford to spend based on how much they have to spend, as well as the potential income of the property. While many people know how much they have to invest, or how much they want to invest, it is often difficult to decide if it is a good investment.
A complex with more units might cost more money, but because each unit is typically 1/4 of the cost, buyers can make up the differences much more quickly. Most buyers can evaluate property for value, potential rent rates, and then choose a unit accordingly.
A rental property with a monthly income of $2,100, selling at the median price of $555,228 would take over 26 months of tenancy to pay off before considering bills, repairs, maintenance, and other fees, essentially meaning that it could take some four years to pay off.
Many lenders expect an average of 20% down, so it is important to keep in mind that you most likely need $60,000 to $100,000 in order to start off your investment.
Hiring a Professional Property Management Company in Woodinville, WA
While you can manage a rental property on your own, you may want to consider hiring a professional Seattle-area property management company with experience in the Woodinville market, instead. In making this decision, you will consider personal preference, aversion to risk, budget and the amount of time you have to dedicate yourself to the issues that may arise with property management. Managing a rental property effectively should be considered a part time job.
There are a number of aspects to property management; tenant screening, lease preparation and signing, rent collection, and maintenance handling are just a few of the propter management related issues. A professional property management company like SJA Property Management can relieve a rental property owner of all aspects of managing a property.
While it is true that you may be able to save more money by managing the property on your own, you may find that it is just not worth it. As an example, one month of vacancy in your rental could easily consume that money you saved. A property management company like SJA property management would aggressively market your rental property likely leading to it being rented out more quickly than if you handled it yourself.
A property management company will also help you handle unique laws and ordinances. If you choose not to go with a property management company for your rental, you should plan to make yourself intimately aware of the content of local ordinance as the risks and costs related to the violation of those can be substantial.
SJA Property Management understands that many of you, for financial or other reasons, will decide to manage your property on your own. If you are managing your own property and issues arise that you aren’t sure how to handle, please call us. Our team is more than happy to consult with you, free of charge, on whatever property management-related issue you are dealing with. We can be reached at email@example.com or 425.658.1941.
For more detailed information on any of the issues discussed above, please contact one of our SJA Property Management professionals at 425.658.1920.